NUFFNANG

Saturday, 5 December 2015

When 1MDB couldn’t answer, it cries like a baby..

… and shouting to the world that it is the most investigated company in the whole universe.

Tun Dr Mahathir had written a clear and concise article with list of questions which 1MDB could have easily answered in a professional way. But the poor replies it made just solidify the fact that 1MDB has so much to hide and has too little brain power to save their own reputation.

Unlike Tun Mahathir, who relies on assumptions, 1MDB prefers to deal in facts. It is a fact that 1MDB accounts are audited by reputable, international firms. It is a fact that anyone can easily verify 1MDB facts and figures by reviewing the publicly available, audited accounts.

It is a well-known fact that the Auditor-General has been tasked by the Cabinet on 4 March 2015 to review the past accounts of 1MDB. An interim report was presented to the Public Accounts Committee (PAC) on 9 July 2015, and a final report will be presented to the PAC – which comprises both Government and Opposition MPs – on 17 December 2015.

1MDB is and continues to be the most investigated company in the history of Malaysia. We have cooperated fully with the lawful authorities, which include the MACC, PDRM, BNM, the National Audit Department and the PAC. Documentary proof and evidence has been submitted to these lawful authorities. Each of these lawful authorities has independently conducted investigations and publicly issued statements relating to 1MDB.

Instead of replying the simple questions, 1MDB resorted to hide behind the usual equivocation tactic by saying they are the most investigated company. It didn’t answer any of the question, it just shifted the goal post in such manner which behooves the public to think that 1MDB is indeed arrogant.

Because everyone knows the investigative bodies that are investigating them are a farce. 1MDB said it prefers to deal with facts, so let us give them the facts on why the whole investigation efforts against them have become a mockery and a sham.

A PAC chief that can shamelessly lie to cover up his own slip of the tongue must never be trusted.

Even Tun’s simple questions like “You said 1MDB is a strategic investment company. When you sell assets which you acquired at a very low price from the Government and pocket the difference is that what is called strategic investments? Buying business at higher than market price is that what you regard as strategic investment?” could not be supplied with an answer because lets face it, the debt laden 1MDB is indeed not a strategic investment company.

I really hope 1MDB will not make me look like an idiot and will issue a better press release next time

Is 1MDB that moronic that they have to react like a petulant schoolboy who couldn’t answer a simple question but proceeded to blame everyone for having the audacity to question him?

If you want to see a multi-billion company throwing tantrums, 1MDB is a fine example for many years to come. Students of public relations and crisis management courses will study 1MDB as an example on how not to behave when dealing with the public eye.

It is amazing to see how messed-up the people who wrote that press release. It seems all the rakyat’s money in the world couldn’t buy the braincells required to salvage 1MDB’s reputation.

In fact, it made 1MDB looked more and more ridiculous.

Hiding behind ‘oh we are being audited by reputable international firms’ will not get them anywhere. We remember what happened to companies like Enron, which was audited by a reputable international firm called Arthur Andersen.

Is the person writing the press release doesn’t have any knowledge about Enron / Arthur Andersen debacle and other financial fiascos? Because the public does and when 1MDB issue this particular statement, it turned them into a laughing stock. This is what you will get when you hire media peacocks instead of financial experts to deal with press releases.

1MDB has negative credibility not just because the people involved are deceitful and dubious, but even within the financial world their integrity are almost non-existent because their audited accounts often missed the submission deadline.

Out of six years in operations, only once they complied with the stipulated deadline. This is a well known fact, and yet the top management are proudly strutting around as if they are the kings of the corporate world, unbeknown to the fact that they are looked upon behind their backs as pariahs in a financial scandal.

They fact that a multi-billion company could always be late in submitting their accounts is rather jarring. If it was a public listed company, their shares would have plunged towards becoming a penny stock.

“We are expecting the release of the preliminary report by Auditor General very soon. In the mean time, please do not speculate and form conclusions without the information that will be laid out by the Auditor General, who will provide a detailed report into 1MDB’s finances.”

Yet we were told later on that the report is classified and couldn’t be made public. The PM proved once again that he could lie without feeling responsible for it.

And do we even need to go into details what happened to the investigation made by BNM and the Task Force?

The Task Force was dismantled by the PM when he sacked the Attorney General for ‘health reasons’ and replaced him with a judge who is even older than the sacked AG! In fact this new AG is nearing the twilight of his retirement age.

How about the investigation on 1MDB by PDRM? Well PDRM is more interested in arresting people who are exposing 1MDB’s scandal.

Even the MACC was not spared. Tun Dr. Mahathir wrote a couple of paragraphs about this:

10. You say that the MACC had verified that the RM2.6 billion in Najib’s private account did not come from 1MDB. Government departments and personnel are now under pressure. They can be sacked or transferred. A DPP was dismissed.

11. People making reports are being arrested. Their lawyers can be arrested. People living under threats are not reliable when making statements.

12. So we cannot accept the statement by the MACC personnel just like that. We want proof. We want to know how RM2.6 billion in PM’s account is not from 1MDB. We must know where all the RM42 billion are. Your explanations are without proofs.

But how did 1MDB reply to this?

“We are the most investigated company in history of Malaysia”.

Really, which idiot wrote that press release?

In the end, 1MDB is just a sly company who kept on making excuses while at the same time blaming others for exposing the truth – that 1MDB is a just a pile of stinking mess. But this stinky mess must be made to smell like roses because no other than the Prime Minister himself is accountable for its success. Too bad the Prime Minister recently had admitted that 1MDB is a failure.

This failure is of gargantuan proportions yet nobody accountable or responsible for it was sacked or willingly step down to face the music. Are they afraid?

Ignorant?

Brainless?

Thick skinned?

All of the above?

These are the facts that 1MDB could not run away from. And the rakyat will remember who are the people behind it for decades to come. Fact is, nobody forget people like Bernard Madoff, Ferdinand Marcos, Nick Leeson, Bernard Ebbers, Richard Nixon etc and what happened to them.

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